Chapter 1
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The document introduces concepts related to business economic decisions including needs and wants, goods and services, factors of production, limited resources, and decision making. It defines needs as things necessary for survival like food, clothing, and housing, while wants add comfort and pleasure but are not necessary. Goods are things that can be seen and touched, while services satisfy wants through others' efforts. Factors of production include natural resources, human resources (labor), and capital resources (tools, equipment, buildings). Resources are limited, creating scarcity, so decision making involves defining problems, identifying choices, evaluating pros and cons, choosing, and evaluating outcomes.
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